Tobam Acquires 7,981 Shares of Best Buy Co., Inc. (NYSE:BBY)

Tobam lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 656.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,197 shares of the technology retailer’s stock after purchasing an additional 7,981 shares during the quarter. Tobam’s holdings in Best Buy were worth $789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its stake in Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after acquiring an additional 241,988 shares during the period. Geode Capital Management LLC raised its holdings in shares of Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after purchasing an additional 120,185 shares during the last quarter. Raymond James & Associates lifted its position in Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after purchasing an additional 62,452 shares during the period. Eagle Asset Management Inc. boosted its holdings in Best Buy by 3.3% in the third quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock worth $143,396,000 after purchasing an additional 44,693 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in Best Buy by 5.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,160,614 shares of the technology retailer’s stock valued at $119,892,000 after buying an additional 61,119 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.59% of the company’s stock.

Best Buy Trading Down 0.7 %

Best Buy stock opened at $85.83 on Friday. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The firm’s 50 day moving average price is $86.01 and its 200-day moving average price is $90.08. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock has a market cap of $18.35 billion, a P/E ratio of 14.67, a PEG ratio of 2.16 and a beta of 1.43.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.29 EPS. On average, equities analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.38%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio is presently 64.27%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BBY shares. DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. UBS Group dropped their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Citigroup reduced their price target on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Barclays dropped their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Finally, Morgan Stanley reduced their target price on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.72.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.